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Roaring Kitty returns: Meme coin surges on renewed hype
Just a month after his return to social media, Keith Gill, better known online as “Roaring Kitty,” is back in the news. This time, his activity is fueling a resurgence in the meme coin inspired by the 2021 GameStop short squeeze.
Return of the Retail Rally King
After a three-year hiatus, Roaring Kitty reappeared on Reddit in May 2024. His posts showing significant holdings in GameStop stock (GME) sparked a frenzy among retail investors, reminiscent of the 2021 meme stock saga.
Mem Coin Mania Seen Again
The renewed interest in GME also spread to meme coins linked to the GameStop saga. These meme coins, often named after WallStreetBets or in reference to Roaring Kitty itself, experienced significant price increases.
- Soaring Meme Coins:
- GME (inspired by GameStop): Surges by 315% in 24 hours.
- ROAR (reference to Roaring Kitty): Surges by a staggering 660%.
- KITTY (another reference to Roaring Kitty): Saw a surge of 477%.
Is it sustainable?
Although the recent price surge is exciting to some, analysts warn against excessive optimism. Meme coins are known for their extreme volatility, and these rapid gains may not be sustainable in the long term.
Conclusion
The return of Roaring Kitty has undoubtedly reignited interest in the GameStop saga and its meme coin counterparts. However, it is important for investors to remember the inherent risks associated with these volatile assets. Careful research and a measured approach are essential before diving into the meme coin mania.
Frequently Asked Questions
- Who is Roaring Kitty? Roaring Kitty is the online alias of Keith Gill, a retail investor who played a major role in the 2021 GameStop short squeeze.
- What are meme coins? Meme coins are cryptocurrencies inspired by internet jokes or memes. They are often highly volatile and speculative investments.
- Are meme coins a good investment? Meme coins can be very risky due to their volatility. Investors should carefully consider their risk tolerance before investing in meme coins.
